Lam Research Falls Short of Expectations in 3Q
21 April 2022 - 7:06AM
Dow Jones News
By Stephanie Lai
Lam Research Corp. on Wednesday reported lower-than-expected
earnings in the latest quarter, as the semiconductor company
accrued additional costs to secure parts amid supply-chain
challenges and revenue fell short.
The Fremont, Calif., company reported a third-quarter profit of
$1.02 billion, down from $1.07 billion a year earlier. Earnings
were $7.30 a share, down from $7.41 a share a year earlier.
On an adjusted basis, earnings were $7.40 a share. Analysts
polled by FactSet were expecting $7.52 a share.
Revenue rose to $4.06 billion from $3.85 billion in the previous
year, but missed analysts' forecasts of $4.25 billion.
The cost of goods sold was $2.24 billion, up from $2.07 billion
a year earlier, while total operating expenses were $624.5 million,
up from $584.8 million.
"We are focused on resolving our supply issues as quickly as
possible to support strong customer demand," said Tim Archer, Lam
Research's president and chief executive, in prepared remarks. "We
remain confident in the secular drivers of wafer fabrication
equipment investment as well as Lam's leadership position and
expect to return to solid growth as industry constraints ease."
Write to Stephanie Lai at stephanie.lai@wsj.com
(END) Dow Jones Newswires
April 20, 2022 16:51 ET (20:51 GMT)
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